Key Takeaways
- Aemetis ethanol and renewable natural gas subsidiaries received funds from the sale of $18 million in Section 45Z Clean Fuel Production Tax Credits, generating about $14.5 million in net cash proceeds after transaction costs.
- The sales include $6 million in credits tied to 2025 ethanol production and $12 million tied to year-to-date 2026 ethanol and renewable natural gas (RNG) production.
- The 2026 credits represent about $0.33 per ethanol gallon and $15.20 per MMBtu of RNG, calculated under the updated DOE 45ZCF-GREET model released June 12, 2026.
- CEO Eric McAfee said this marks Aemetis's second and third 45Z credit sales in six months, following its first transaction late in 2025, with more expected in 2026 and beyond.
- Two pending agency updates, a USDA low-carbon feedstock calculator and a split in RNG emission rates by animal type, could further raise the value of 2026 tax credits, according to the company.
Aemetis, Inc. (NASDAQ: AMTX), a diversified renewable natural gas and biofuels company, announced that its ethanol and renewable natural gas subsidiaries received funds from the sale of $18 million in Section 45Z Clean Fuel Production Tax Credits, generating about $14.5 million in net cash proceeds after transaction costs.
Aemetis Sells $18 Million in Section 45Z Tax Credits
The sales include a $6 million tax credit generated by 2025 ethanol production and $12 million in tax credits generated by year-to-date 2026 ethanol and RNG production. The 2026 tax credits represent approximately $0.33 per ethanol gallon and $15.20 per MMBtu of RNG, the company said.
Credits Tied to 2025 and 2026 Ethanol, RNG Production
The Section 45Z tax credits sold in the 2026 transactions were calculated under current Treasury guidance and the updated U.S. Department of Energy 45ZCF-GREET model released on June 12, 2026, which sets the carbon intensity used to determine Section 45Z tax credit values.
CEO Says Sales Show Recurring Value of 45Z Credits
“These 45Z tax credit sales, our second and third transactions in the past six months, illustrate the value of Section 45Z Clean Fuel Production Tax Credits as a recurring contribution to cash flow for Aemetis operations,” said Eric McAfee, Chairman and CEO of Aemetis. “Our first sale of 45Z credits was late last year, and we expect additional transactions in 2026 and future years. We expect the 45Z credit value to grow significantly based on planned RNG production volume increases and increased energy efficiency at the Keyes plant from mechanical vapor recompression.”
Pending Model Updates Could Raise Aemetis's Credit Value
Two planned agency updates to the 45ZCF model could further increase the value of 2026 Section 45Z tax credits, according to the company: the Department of Energy's incorporation of a low-carbon feedstock calculator recently finalized by the U.S. Department of Agriculture, and an update to the RNG portion of the model that would separate RNG produced from dairy cows from other animal types.
“With each Section 45Z sale, we are executing our tax credit monetization strategy,” McAfee said. “These cash proceeds will continue to grow, supporting the expansion of biofuels production and creating new markets for agricultural products. We urge Treasury and the DOE to maintain the integrity and purpose of Section 45Z as they continue to update their components of the program to comply with tax credit legislation passed more than four years ago and updated by the OBBB passed in July 2025.”
